EUR/USD: Euro reverses its losses in the Asian session


EURUSD Movement

For the 24 hours to 23:00 GMT, the EUR declined 0.48% against the USD and closed at 1.1357.

In the US, data indicated that the Richmond Fed manufacturing index unexpectedly declined to a level of -8.0 in December, defying market expectations for an advance to a level of 15.0. In the previous month, the index had registered a reading of 14.0.

In the Asian session, at GMT0400, the pair is trading at 1.1383, with the EUR trading 0.23% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.1345, and a fall through could take it to the next support level of 1.1308. The pair is expected to find its first resistance at 1.1418, and a rise through could take it to the next resistance level of 1.1454.

Amid lack of macroeconomic releases in the Euro-zone today, investors would keep an eye on the US house price index for October, new home sales for November and consumer confidence index for December along with initial jobless claims, all slated to release later in the day.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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